Despite the magnitude of Thursday’s $18.7 billion settlement that ends most of the litigation over BP Exploration & Production Inc.’s liability in the Deepwater Horizon disaster, experts say the company could have been hit even harder had the overseeing judge been able to hand down a penalty of his own.
A Texas federal judge on Thursday said Apple Inc. did not willfully infringe media storage patents held by Smartflash LLC, nullifying a jury’s determination of willful infringement which Smartflash asserted entitled it to have a $533 million damages award tripled to $1.6 billion.
A New York appeals court on Thursday rejected Proskauer Rose LLP’s bid to dodge a malpractice suit alleging that faulty legal advice triggered a more than $255 million tax liability for Overseas Shipping Group Inc., finding the oil tanker company had sufficiently pled a valid claim.
The conviction of former Goldman Sachs Group Inc. board member Rajat Gupta will stand despite a December decision that redrew the lines for insider-trading prosecutions, New York federal judge Jed Rakoff ruled Thursday, calling Gupta's arguments “too late and too little.”
Special prosecutors tasked with investigating Texas Attorney General Ken Paxton for alleged securities violations said Thursday they have found evidence of possible securities fraud that would constitute a first-degree felony and will present evidence to a grand jury within the month.
The Second Circuit overturned a trial court decision Thursday that granted grant class and conditional collective action certification to a former unpaid intern in a wage case against Fox Entertainment Group Inc. and upheld a ruling that denied certification in another intern case against the Hearst Corp.
BP Exploration & Production Inc. on Thursday reached an $18.7 billion global settlement — the largest in U.S. history — over its role in the 2010 Deepwater Horizon disaster, a deal that follows the company’s failure to convince the U.S. Supreme Court to reconsider its liability under the Clean Water Act.